01 February 2025
We are four siblings and planning yo sell a plot along with three shops built on it in a town in karnataka. How do we show the income recd as a part of my share in my tax return and do I need to pay any income tax on the amount received. If I opt not to take any amount from the sale proceeds ,do I still have to pay any tax on my share in the proceeds as I willbe signing in the sale deed even if i dont accept the amount .also let me know which will be less costly and less cumbersome to execute a gift deed or relinqishment deedfor my share in favour of any other sibling .
02 February 2025
12.50% Capital gains tax applicable on your share of capital gains. You can avoid it by executing gift deed before execution of sale deed.
CAclubindia
